Taiwan share price index above 5000 for first time in nearly 5 months

Taipei, June 20, 2003 (CENS)--Taiwan shares rose for the sixth straight session yesterday to close above 5000 points for the first time in nearly five months, led by gains in the technology sector, analysts said.

Foreign investors bought a net of NT$9.6 billion worth of shares, mostly electronics stocks, in the previous session, encouraging more investors to build up their electronics profiles, said analysts.

The weighted price index of the Taiwan Stock Exchange rose 49.84 points, or 1%, to 5048.91 in dealings valued at NT$129.04 billion. Advancers outnumbered decliners 472 to 154, while 107 issues remained unchanged.

Looking forward, the market remains upbeat towards the end of the month as the index was at its golden cross, indicating a bullish trend, said analysts. The golden cross is a technical term, whereby the short-term moving average breaks above the long-term moving average.

The electronics sector ended trading 1.89% higher, led by flat panel makers.

AU Optronics gained NT$1.60 to NT$25.40, and Chunghwa Picture Tubes gained NT$0.85 to NT$13.10.

CR-D maker Ritek added NT$1.50 to NT$23.40, and CMC Magnetics ended flat at NT$25.40.

United Microelectronics rose NT$0.90 to NT$24.70 on hefty buying after foreign investors bought a net of 62.07 million shares in UMC in the previous session.

Of other sectors, automobile shares closed up 0.7%, plastics/chemicals were up 0.5%, and steel issues up 0.4%.

The price index of the over-the-counter market rose 2.60 points to 102.66 in dealings valued at NT$15.23 billion.

July index futures on Taiwan's futures exchange closed up 72 points to 5064 on turnover of 29,691 lots. July electronics futures gained 5.85 points to 219.25 on volume of 4,362 lots, while July financial futures climbed 5.00 points to 724.80 on turnover of 2,094 lots.